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Southwest Florida Real Estate Sales: May, 2010 Update

Posted by Benjamin Dona on Tuesday, July 13th, 2010 at 10:31pm.

Southwest Florida Real Estate Sales - May, 2010 Update The sales of homes and condominiums in the Southwest Florida real estate market held up pretty well as we transitioned into the summer season in May. Many buyers continued to move from being "on the fence" to a more "determined to buy" attitude as inventories continue to fall and many of the best deals were being snapped up by both snowbirds and investors alike.

Here's a synopsis of the May sales numbers:

Bonita Springs Real Estate Sales

Bonita Springs Real Estate Market Highlights:

  • May sales totaled 135 and were up 19% from a year ago.
  • Single family home sales were up 43% and totaled 73 sales.
  • Single family home inventory has fallen to 5.7 months worth of supply.
  • Condos sales were unchanged and totaled 62 units.
  • Condominium inventory has fallen to 5.8 months worth of supply.
  • For the month, there were 23 foreclosures sold, 90 normal sales and 22 short sales.
  • The list to sales price average for all properties sold was 91.56%.
  • The average Days On Market were 160 for single family homes and 194 for condominiums.

Naples Real Estate Sales

Naples Real Estate Market Highlights:

  • May sales totaled 771 and were up 6% from a year ago.
  • Single family home sales were down 9% and totaled 373 sales.
  • Single family home inventory has fallen to 4.5 months worth of supply.
  • Condos sales were up 25% and totaled 398 units.
  • Condominium inventory has fallen to 5.6 months worth of supply.
  • For the month, there were 123 foreclosures sold, 541 normal sales and 107 short sales.
  • The list to sales price average for all properties sold was 90.09%.
  • The average Days On Market were 165 for both single family homes and condominiums.

Bonita Springs & Naples Closed Sales - 2009 versus 2010

Bonita Springs & Naples Closed Sales - 2009 versus 2010

 

At the end of the month, there were 9,006 active residential properties listed in the Naples MLS. That's a decrease of 10.6% versus this time last year and reflects a 8.6 months' worth of supply of inventory. Pending sales were up 9% over last year and totaled 887. Foreclosures and short sales continue to drag down the median price. The median price of all sold properties was $190,000, up 9.2% from a year ago. The median price for properties sold above $300,000 was $585,000, up 6.4% from $550,000 in 2009.

Cape Coral Real Estate Sales

Cape Coral Real Estate Market Highlights:

  • May sales totaled 612 and were down 14% from a year ago.
  • Single family home sales were down 17% and totaled 569 sales.
  • Single family home inventory has fallen to 4.1 months worth of supply.
  • Condos sales were down 7% and totaled 43 units.
  • Condominium inventory has fallen to 7 months worth of supply.
  • For the month, there were 240 foreclosures sold, 252 normal sales and 120 short sales.
  • The list to sales price average for all properties sold was 95.30%.
  • The average Days On Market were 71 for single family homes and 100 for condominiums.

Fort Myers Real Estate Sales

Ft. Myers Real Estate Market Highlights:

  • May sales totaled 595 and were up 27% from a year ago.
  • Single family home sales were up 10% and totaled 328 sales.
  • Single family home inventory has fallen to 5.6 months worth of supply.
  • Condos sales were up 55% and totaled 267 units.
  • Condominium inventory has fallen to 6.5 months worth of supply.
  • For the month, there were 205 foreclosures sold, 292 normal sales and 98 short sales.
  • The list to sales price average for all properties sold was 92.85%.
  • The average Days On Market were 105 for single family homes and 94 for condominiums.

Cape Coral & Ft. Myers Closed Sales - 2003 to 2010

Cape Coral & Ft. Myers Closed Sales - 2003 to 2010

 

At the end of the month, there were 10,614 active residential properties listed in the Fort Myers MLS. That's a decrease of 14% versus this time last year and reflects a 5.5 months' worth of supply of inventory. Pending sales were down 22% over last year and totaled 1,938. Foreclosures and short sales continue to drag down the median price. The median price of all existing properties was $96,000, up 20% from a year ago. The median price for properties sold above $300,000 was $400,500, down 1% from $404,500 in 2009.

It will be interesting to see how things go as we move on from here. If the tighter inventory trend continues, things are going to get dicey as the competition for properties will become fiercer and prices are likely to continue rising. So, if you're thinking about purchasing a little piece of paradise for yourself and your family, now may be the time to do it. Hesitating too much longer or waiting for next season and you may just be sorry you decided to find out what will happen next in this fast moving Southwest Florida market.

*Sales Data Statistics from SWFL MLS.

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About the Author

Gulf Coast Associates, RealtorsBenjamin Dona is the Broker and Owner of Gulf Coast Associates, Realtors in Bonita Springs, Florida. He holds two advanced degrees, an MBA and an MA, and has an extensive background in both business and marketing. In 1998, he founded Gulf Coast Associates, and formed a group of like-minded Realtor® associates dedicated to offering professional Southwest Florida real estate services by concentrating on information, education and the use of leading edge technologies. He also is a recognized expert on the "Net," a much-quoted and read blog author, and a contributor to both national and international news outlets. Benjamin is a member of the National Association of Realtors, the Florida Association of Realtors, and numerous local real estate boards throughout Southwest Florida.

Contact Benjamin Dona at 239-948-3955



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